The management of the Nigerian Education Loan Fund (NELFUND) has said it has so far disbursed over N10 billion in loans to 40,000 students across the country.
Managing Director of NELFUND, Akintunde Sawyerr, made this known during an interview on Politics Today on Channels Television.
He disclosed that 370,000 students have registered on the NELFUND portal, with 280,000 applying for loans.
He added about 89,000 students remain undecided, having logged into the system but not yet completed the application process, saying the Fund engages students electronically and not physically.
According to him, students from universities, polytechnics, and colleges of education are eligible to apply for both institutional and upkeep loans.
Speaking on the structure of the loan disbursement, Sawyerr explained that institutional fees are paid per session, while upkeep fees are disbursed monthly.
NELFUND has also expressed commitment to paying N30 billion in institutional loans and N60 billion for student upkeep, reinforcing its dedication to making education accessible to indigent students across Nigeria.
With the current arrangement, students receive a monthly stipend of N20,000 to support their living expenses, with plans underway by the Fund to increase this amount in the future.
‘We have a commitment of paying fees of about 30 billion and 60 billion in upkeep,” he added.
To ensure the safety of the funds and to avoid the risks associated with manual processes, NELFUND is partnering with banks to create a secure environment, particularly to address potential internet exclusion challenges.
“We are careful about going manually because of the danger of handling large sums of funds,” Sawyerr emphasised.
Addressing the delay in disbursement, he noted that while there is sometimes a lag in the process, this is due to verification requirements.
“When applications are received, we send the list to the institutions to confirm the studentship, and sometimes there is a delay in this process,” Sawyerr explained.
He reassured students that NELFUND is not short of funds, as the presidency has made ample resources available.
“Our mission is to catch as many students as possible, especially those facing financial challenges, to help them continue their education,” Sawyerr added.